Deutsche Bank is losing the support of some of the biggest fund managers as the plan the bank presented last month to revive returns leaves investors underwhelmed.
Bloomberg News reports that Hermes EOS, which represents institutional investors, said it will vote against approving actions of Deutsche Bank’s management at the Thursday shareholder meeting. A top 20 investor, who asked not to be identified, also told Bloomberg they plan to vote against management.
'With this vote we formally express our strong concerns about a range of issues and our lack of confidence in the management board', Hermes, which said it acts on behalf of 41 clients and advises on about $193bn of assets, said in an e-mailed statement Wednesday.
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